Corpbanca, Chile’s fourth largest bank in terms of loans, aims to grow in the region and highlighted Colombia’s attractive growth rates in recent years to justify the acquisition.

The purchase valued Santander Colombia at $1.23 billion, and was financed with Corpbanca’s own resources and proceeds from the capital increase, General Manager Fernando Massu said at the bank’s extraordinary shareholders meeting.

The capital increase will take place in May and the acquisition of Santander Colombia is expected to conclude in July, handing Corpbanca a 3% market share in the Andean country.

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